Elk Grove Short Sales are Very Much Alive

It’s wishful thinking, I think. That by this time, Elk Grove short sales would be a thing of the past because of a much improving real estate market and economy. Don’t get me wrong, the real estate market has greatly improved. But, real estate value are not as strong and solid as we all hoped.

It’s now the end of Spring, usually the real estate high point every year. This year, we’re seeing movement but it’s a little slow. Elk Grove average home prices have actually decreased 1.5% in the last month. Inventory has increased almost 13% in the last month…125% in the last year! This is NOT typical numbers for this time of year.

Buyers are NOT going to make quick decisions in this market. They have a lot of choices and are very conscientious having just lived through the worst real estate market in modern history. They are aware that home values have increased up to 60% from the low point and are VERY careful to find what they are looking for in an Elk Grove home, for a price they feel comfortable paying.

There comes a time when a seller must sell because life happens, changes happen, and they need to move on. There are often times when a seller must sell and there just isn’t enough equity to sell traditionally. In these cases, Elk Grove short sales are very effective. Elk Grove short sales increased 25% last month. Short sales are still a good option for those that must sell because the real estate market hasn’t grown as quickly and optimistically as we’ve hoped.

Take a look at my newest Elk Grove short sale. 9522 Diamond Point Lane is off Elk Grove Blvd. and Franklin. It’s a 5 bedroom, 2.5 bath with 2,730 square feet. It’s on a nice sized lot with a built-in pool in a gated neighborhood. It’s a great buy for $340,000. With just one loan with Bank of America, this is a pretty easy bank negotiation for an experienced Elk Grove short sale agent.